income tax law

FAQs on Assessments under Income-tax Law

Income Tax - Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer...

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Income Tax New Portal – Linking of Aadhaar with PAN

Income Tax - Linking of Aadhaar with PAN (Permanent Account Number) is a mandatory requirement under Income Tax Act 1961. If a person fails to link Aadhaar with PAN by the prescribed last date, a penalty of Rs1000 for the non-linkage will be charged, and also, his PAN will become inoperative – Section 234H inserted vide Finance Act […]...

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Taxability of Provident fund (PF)

Income Tax - The budget 2021 brings major changes in taxability of provident fund. Earlier income from provident fund i.e. contribution from employee contribution from employer and interest part is fully exempt from tax. Now government brings some changes to the earlier provision. In broad view there are two types of provident fund the first one is pu...

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ITR Processing & Communication | AY 2020-21| Section 143(1) Intimation

Income Tax - 1. The income tax return filed by the taxpayer is processed by the Central Processing Centre (CPC) of the Income Tax Department.  The CPC (Centralized Processing Centre) in Bangalore is in-charge of handling all the primary processing of assessments. The CPC processes return without any interaction with the taxpayer and in a jurisdiction...

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Scope of total Income under section 5 of Income Tax Act, 1961

Income Tax - Section -5 of Income Tax Act, 1961 provides Scope of total Income in case of of person who is a resident, in the case of a person not ordinarily resident in India and person who is a non-resident which includes. Income can be Income from any source which (a) is received or is deemed to […]...

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Govt set up Committee to Simplify Provisions of Income Tax Act, 1961

Income Tax - The Terms of Reference (ToR) of the Committee shall be as follows: i) To study and identify the provisions/phrases in the Act which are leading to litigation due to different interpretations; ii) To study and identify the provisions which are impacting the ease of doing business; iii) To study and identify the areas and provisions of th...

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Director not liable for Company's taxes unless found guilty of misfeasance

Income Tax - Under company law, a director of a company is not personally liable for the company’s debts unless a court of competent jurisdiction finds him guilty of misfeasance. Company law proceeds on the basic principle of jurisprudence that a director is presumed to be innocent unless he is proved to be otherwise. These salient principles of [&h...

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Effectively utilize losses to reduce the tax burden

Income Tax - Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in income. Certain activities may cause losses too. It would be unfair to tax a person on his income, while ignoring the loss. In recognition of this principle, there are elaborate […]...

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HC allows I-T dept to reassess Mayawati's income

Income Tax - Uttar Pradesh chief minister Mayawati’s income for the financial year 2001-02 will be reassessed by the income tax department as the Delhi HC has allowed it a relook, while hearing a plea that she had allegedly not declared full details. A bench of Justices Vikramajit Sen and Rajiv Shakdher dismissed the BSP chief ‘s plea [&he...

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Recent Posts in "income tax law"

FAQs on Assessments under Income-tax Law

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer...

Read More
Posted Under: Income Tax |

Income Tax New Portal – Linking of Aadhaar with PAN

Linking of Aadhaar with PAN (Permanent Account Number) is a mandatory requirement under Income Tax Act 1961. If a person fails to link Aadhaar with PAN by the prescribed last date, a penalty of Rs1000 for the non-linkage will be charged, and also, his PAN will become inoperative – Section 234H inserted vide Finance Act […]...

Read More
Posted Under: Income Tax | ,

Taxability of Provident fund (PF)

The budget 2021 brings major changes in taxability of provident fund. Earlier income from provident fund i.e. contribution from employee contribution from employer and interest part is fully exempt from tax. Now government brings some changes to the earlier provision. In broad view there are two types of provident fund the first one is pu...

Read More
Posted Under: Income Tax |

ITR Processing & Communication | AY 2020-21| Section 143(1) Intimation

1. The income tax return filed by the taxpayer is processed by the Central Processing Centre (CPC) of the Income Tax Department.  The CPC (Centralized Processing Centre) in Bangalore is in-charge of handling all the primary processing of assessments. The CPC processes return without any interaction with the taxpayer and in a jurisdiction...

Read More
Posted Under: Income Tax |

Scope of total Income under section 5 of Income Tax Act, 1961

Section -5 of Income Tax Act, 1961 provides Scope of total Income in case of of person who is a resident, in the case of a person not ordinarily resident in India and person who is a non-resident which includes. Income can be Income from any source which (a) is received or is deemed to […]...

Read More
Posted Under: Income Tax |

Plain Language Drafting – Need of Hour

In general, it is observed that many laws are written, arranged and designed in a way that makes them hard for common man to understand. The same is true for various contracts which are used in day to day life e.g. insurance contracts. USA Government has passed a law namely the Plain Writing Act of […]...

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Posted Under: Income Tax |

Govt set up Committee to Simplify Provisions of Income Tax Act, 1961

The Terms of Reference (ToR) of the Committee shall be as follows: i) To study and identify the provisions/phrases in the Act which are leading to litigation due to different interpretations; ii) To study and identify the provisions which are impacting the ease of doing business; iii) To study and identify the areas and provisions of th...

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Posted Under: Income Tax |

Proposed Corporate Tax rate cut in Budget 2015 and its Impact on AS-22

Brief- Accounting Standard 22 -Accounting for taxes on Income – provides for recognition and disclosure of deferred tax assets/liabilities. In view of the proposed reduction in corporate tax rates as announced in Budget 2015, is there a change in the method to be adopted by the corporates for the purpose of calculation of deferred t...

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Posted Under: Income Tax |

Why Tax Practitioners Bill-Needed?

B.C. Guru Swamy From the view point of Dealer 1.To relieve from the burden of tax compliance (weekly/fortnightly/monthly/annual)returns filing, uploading, downloading etc., 2.To concentrate peacefully on his business activities 3.To avoid litigations with the Dept. 4.To reduce cost of tax compliance by having most competitive tax professi...

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Posted Under: Income Tax |

Payment of Bonus Act, 1965 in brief

Applicability of Act (Sec 1) - Every factory wherein 10 or more persons are employed with the aid of power or An establishment In which 20 or more persons are employed without the aid of power on any day during an accounting year. Establishment : Establishment includes departments, undertakings and branches, etc....

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Posted Under: Income Tax |

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